Succession Planning

ASL supports optimal succession planning with high-level ideas, evaluating alternatives and assisting with family dynamics in carrying out the plan.

Many companies think of succession-planning too late to be of much real value – waiting until an immediate need or a crisis. By planning for succession, you can also:

Increase the value of your company

Enhance management performance

Improve employee retention and strengthen employee commitment

Everyone wins!

Did you know that more than 70% of family-owned businesses do not survive the transition from founder to second generation? In most cases, the causes relate to tax obligations or family discord. We can address these issues, along with others, with a family business succession plan.

Succession planning anticipates the eventual need to replace key leaders in the company and focuses on grooming and training specific individuals to take on management roles at the appropriate time.

A succession plan includes:

Demonstrated commitment to the future success of the business

A well-conceived and timely transfer in the event of a crisis

Independent, neutral party assessment to assist with enhanced communication between the generations

Evaluation and recruitment of potential successors

Help in determining an agreeable price for owner’s shares

Life insurance or ESOP funding plans implemented well in advance of the need

Clear career paths for employees to help recruit and develop future leaders

The ASL Family Wealth & Individual Tax Group is dedicated to providing owners, founders and key executives with succession planning and other services to help you protect and provide for those who depend on you.